Stayzilla Announces $15M Series B Funding from Nexus Venture Partners and Matrix Partners India
Chennai, India – February 19, 2015: Stayzilla.com, the leading online accommodation bookings marketplace and the fastest growing player in India’s travel ecosystem, has raised a $15 million Series B round led by Nexus Venture Partners, with participation from existing investor Matrix Partners India. The funds will be used to expand to new cities, develop a stronger brand platform and work with accommodation owners to accelerate the growth of the emerging structured and alternate accommodations market in India, which includes hotels, homestays, guest houses, resorts, B&B’s, jungle lodges, boat houses, paying guests, et al.
The online hospitality industry in India has grown significantly over the past five years and travelers are seeking new and unique accommodation options across the country. Stayzilla.com has developed a platform to address this market by offering a selection of more than 20,000 accommodations across more than 4,000 towns.
Commenting on the funding, Yogendra Vasupal, Founder & CEO, Stayzilla.com said, “Stayzilla is the market leader for accommodation bookings in India today. We have achieved tremendous growth over the last year and this investment will help us expand exponentially and tap newer destinations to reach 8000 towns and 50,000 accommodations by the end of the year. For accommodation owners and customers, our end-to-end managed marketplace model has been our biggest strength and we will continue to build on this to complement the massive tourism potential across India.
He also added, “In line with this, over the next few quarters, we will also focus on inflecting the nascent alternate accommodations market in India which is several times larger than the hotel reservations industry. Our marketplace platform is a key driver of change and opportunity in this segment. We are excited to welcome Nexus Venture Partners to Stayzilla as we continue to further grow our platform.”
“Stayzilla is leading the alternate accommodations revolution in India, creating for the first time a marketplace of all kinds of accommodation options across 4000 towns. Stayzilla’s explosive growth, particularly on mobile, reinforces the power of discovery driven marketplaces in a market like India. Matrix Partners India is privileged to be an early partner to Yogi Vasupal and the Stayzilla team in this journey.” said Avnish Bajaj, co-founder and Managing Director, Matrix India.
“The increasing penetration of internet and smartphones coupled with India’s dynamic demographics has created the need for a platform that aggregates the entire range of accommodations options in India. We are very impressed with Stayzilla’s innovative end-to-end solutions to address the reality of low technology adoption among suppliers. We are delighted to partner with Yogi and the Stayzilla team to capitalize on the immense potential of this model in the coming years.” said Anup Gupta, Managing Director, Nexus Venture Partners.
Stayzilla is the fastest growing player in India’s burgeoning travel ecosystem with over 20,000 accommodations in 4000 towns across the country. Owned and operated by Inasra Technologies Pvt. Ltd., Stayzilla is committed to its vision to provide end-to-end solutions for the ‘Alternate Accommodations’ market in India, by further expanding and creating business opportunities among untapped alternate accommodation spaces in central and far flung regions of the country. Stayzilla.com is today the market leader in the budget and value stay segment in India. For more information visit www.stayzilla.com
About Nexus Venture Partners:
Nexus Venture Partners is a leading Venture Capital firm with over $600mn under management, and an active portfolio of over 50 companies across technology, Internet, media, consumer, and business services sectors. The team has invested in a variety of companies leading to numerous successful public offerings and M&A transactions. Nexus portfolio companies include Cloud.com, Gluster, Pubmatic, DimDim, helpshift, 0xdata, Elastic Box, Snapdeal.com, Netmagic, Druva and Unmetric. To learn more about Nexus Venture Partners, visit: www.nexusvp.com.
About Matrix Partners India:
Matrix Partners India is an investment firm with INR 3,000 crore under management. The firm invests in companies targeting the Indian consumer market at the seed, early and early growth stages. The firm has invested in several market leading companies in the consumer technology space including Quikr (online classifieds), Ola (local transportation marketplace), Stayzilla (hotels and alternate accommodations marketplace), LimeRoad (mobile social commerce marketplace), Newshunt (mobile local language platform), MSwipe (mobile POS), Practo (doctor search engine), WeAreHolidays (outbound travel marketplace) and Woo (social dating) among others. Matrix Partners has a global network of funds investing in the US, China and India with US $3 billion under management. Further information is available at www.matrixpartners.in